Tirana's apartments among most expensive in the world

The Albanian capital is ranked in the 241the out of 267 cities in the world regarding the affordability of buying an apartment, measured by purchasing power, being one of the most expensive in the world and the fourth most expensive in Europe.

This data are reported by Numbeo, which lists 267 cities in the world, according to the revenue ratio, which is the best indicator to measure affordability for buying an apartment (the lower this index, the better it is ).

Although in an absolute value an average apartment in Tirana costs 70 or 100 thousand euros, given the low income, it takes a long time to become an owner, compared to an apartment in Vienna, Paris, New York York, Milan, Florence, Lisbon, Barcelona, Istanbul, Geneva, etc.

In Tirana, according to this index, it takes 18.3 years to buy an apartment, while in Paris it takes 16.4 years for a family to buy an apartment, in Vienna 12.9 years. In New York it takes 10 years, in Zyrih 10.1, in Milan 17.8 years. In Barcelona, 13.1 years are enough.

Even compared to 5 years ago, it takes a lot more time to buy an apartment in the Albanian capital. According to the same order of Numbeo in 2012, when reported for the first time the data for the Albanian capital, Tirana was ranked 104th and it took 12.5 years to become the owner of a home. The rising of apartment prices at much faster rates than income has made it increasingly difficult to buy an apartment (compared with 10 years ago the prices have doubled).

The most expensive in the region is Serbia, where it takes more than 22 years to become a homeowner.

In the region, the city where families need less years to buy an apartment is Sarajevo, with 13.3 years. In Skopje this indicator is 15.1.

In Athens, where prices have fallen sharply since the crisis that threatened the country's exit from the euro, it takes about 10 years to buy a home.

In Europe, more expensive than Tirana are only three cities: Rome, Belgrade, and London. The most expensive is London, where it would take 24 years to buy an apartment.

The most expensive city in the world to buy an apartment is Hong Kong, it would take nearly half of life (38 years) to become the owner.

Prices in the region

At present, apartment prices within the Ring Road in Tirana range from 1000-2000 euros per square meter, but there are also some elite areas where the price of apartments reached 3,000 euros per square meter. The apartments in the periphery of the Albanian capital much more cheaper, with about 500 euros per square meter.

The highest price level in the region for the center of Belgrade, with an average of 2000 euros per square meter, but for luxury inflows reaches to 4000 euros, according to Eurobank Property Services. Prices between 1500-2000 euro / sqm has also Podgorica.

In Skopje, the price of housing is about 1000 euros per square meter.

The region has the most expensive periphery, where the minimum goes about 800 euro / m2..

Tirana's apartments among most expensive in the world
Wednesday, November 08, 2017
Rating: 5